Ann: June Quarterly Report and Appendix 5B, page-25

As we all wait for the Iron Ore announcement very patiently,everything else continues as normal.The Gold price is looking very strong at $1440 US. GWR has no debt this JV with BLK should not be hedged in with a fixed lower Gold price.We should maximise our highest potential profit for our 35% return JV and risk going with the current Gold price.We will not have to spend millions of dollars building a Gold mill ,with BLK needing some higher Gold grades to run through their mill to lower their production costs.We are getting very close to becoming a Gold producer and with Adrian Costello now on board running the project we are in good hands. Finally our Iron Ore project is becoming a money making project for share holders.It doesn't matter if it is sold outright or a JV happens, it is a win win for share holders. Remember our share price has only been held back because 2 major share holders sold their holding.I bought all my shares during this period they were selling over 1.2 million shares each month.When they sold out our share price started to spike upwards,I think our management panicked thinking a leek had got out.They called a trading halt by mistake in my opinion, as no one had any idea our Iron Ore asset would possibly be sold.I gave you all updates as this Top 7 share holder sold down his holding, he is now out so a higher share price was expected even without this potential asset sale. CHEERS